Connecticut Businesses Face Electricity Price Hike to Start New Year
Many Connecticut business owners will get a sticker shock in February when they receive their Eversource electric bill. The February electric bills will contain fees and charges for electricity service for the majority of the month of January. On January 1, 2019 small and medium sized businesses received a large bump in the generation supply charge that Eversource Energy assesses to default paying businesses who are not in a competitive electricity plan.
Connecticut businesses with the Rate class 30 and 35 saw their default rate jump from $0.09422 to $0.10851 per KWh at the beginning of 2019. The 15.2% increase will effect all business customers in these rate classes who have not shopped the Connecticut choice market and signed a fixed rate power supply contract. Those business customers who are in contracts with competitive electricity suppliers will not be effected by the change. The previous rate had been active since July 1, 2018.
Eversource Energy updates their default power supply rate twice a year for residential and small business customers on January and July first. While the next rate that will go into effect in July 2019 is not yet known, there are a number of factors to indicate that the price will likely not drop too much and may even increase further. In addition to saving money in comparison to the default rate over the next six months, entering into a long term fixed contract will also provide price security for businesses trying to get a hold on their expenses so they are better able to budget their operation expenses.
Connecticut businesses can get a variety of quotes from several licensed electricity suppliers from ElectricRate.com. Our online energy shopping platform forces suppliers to provide their best prices on a daily basis and provide fixed rates without hidden charges that are exact comparisons to the Eversource default rate. Due to the 15.2% rate increase, competitive suppliers are ramping up their efforts to attract new business customers during a time when many business owners and decision makers are expected to investigate the benefits of electricity choice in Connecticut for the first time.
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